The Biden Government Department of Justice is investigating Visa over its debit card practices, the San Francisco-based credit card company revealed Friday.
Visa acknowledged the investigation in a March 19 filing with the U.S. Securities and Exchange Commission.
In the submission, Visa said the U.S. Department of Justice notified the company of its investigation and asked him to keep relevant documents related to the investigation.
“We believe Visa’s US debit practices are in accordance with applicable laws. Visa works with the Department of Justice, ”reads the documentation submitted by Kelly Mahon Tullier, executive vice president of Visa, the company’s chief legal officer.
According to reports by Reuters and The Wall Street Journal, which broke the story for the first time, the Department of Justice’s antitrust department is investigating whether the largest U.S. card network merchants are appealing for debit card payments through more expensive card networks, mainly in the digital map. marketplace.
In a filing with the SEC earlier this month, Visa reported that the period between Jan. 1 and March 7 saw an 8% increase in U.S. payments compared to the same period last year. Most of the growth was due to a 23% increase in the amount of debit card payments, according to the documentation.
Visa Inc. is listed in Delaware and is listed on the New York Stock Exchange.
Raheem Hosseini is a San Francisco Chronicle editor. Email: [email protected]; Twitter: @raheemfh